Binance to End Support for Stock Tokens
16 Jul, 2021•1 min read•Other
Crypto exchange Binance said it is stopping support for purchasing tokens linked to stocks barely three months after starting them.
The embattled crypto exchange announced Friday that stock tokens are unavailable for purchase on its website effective immediately, and support for such tokens will end on Oct 14. Binance said the decision had been made to allow it to focus on other products. The stock token offering was introduced in April, allowing customers to buy fractions of shares in companies, starting with Tesla and followed quickly by Coinbase. MicroStrategy, Microsoft, Apple were added shortly after. However, it did not take long for regulators to raise their eyebrows, with the financial watchdogs of the U.K. and Germany both expressing concern in the weeks following.